Almost 20tr dong of taxes may be exempted and reduced in 2011

About 15 trillion dong to 19.5 trillion dong of taxes may be exempted and reduced in 2011, according to Ministry of Finance’s Office Letter No 8217/BTC-CST sent to Prime Minister for supplementing some measures to mitigate difficulties of enterprises.
Under it, a cut of 50% in taxes for households, self-employment, those who lease accommodations for students; and others was mentioned in the letter, for which the state budgetary collection this year is estimated to be cut 1 trillion dong.

Regarding tax extension for CIT payment for SMEs and labour-intensive businesses according to Decision 21/2011/QD-TTg, this will reduce another 7 trillion dong in the state budget collection in 2011.

Along with a reduction of 30% in CIT for SMEs, 5% cut of PIT on securities investors, CIT exemption on securities transfer of individual investors, PIT exemption on wage earners, and others, total budget collection in 2011 will be cut 10-13 trillion dong (extended taxes), and 5.250-6.500 trillion dong (tax reduction including 2.5-3.6 trillion dong of CIT and 1.750-1.8 trillion dong of PIT).

Total tax reduction and exemption in 2012 (for dividends, taxes on securities transfer of individuals) will be 950 billion dong to 1 trillion dong. – Vietbiz24

Tags: Vietnam taxes

Posted by VBN on Jun 24 2011. Filed under Banking-Finance, Enterprises. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry